Thread: Who said this?
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2nd August 2010, 17:57 #1
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Who said this?
I ran across this quote today and thought it might be interesting to post here. So who said this and when?
Tax reduction thus sets off a process that can bring gains for everyone, gains won by marshalling resources that would otherwise stand idle—workers without jobs and farm and factory capacity without markets. Yet many taxpayers seemed prepared to deny the nation the fruits of tax reduction because they question the financial soundness of reducing taxes when the federal budget is already in deficit. Let me make clear why, in today's economy, fiscal prudence and responsibility call for tax reduction even if it temporarily enlarged the federal deficit—why reducing taxes is the best way open to us to increase revenues.The overall technical objective in racing is the achievement of a vehicle configuration, acceptable within the practical interpretation of the rules, which can traverse a given course in a minimum time. -Milliken
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2nd August 2010, 18:32 #2
Sounds like Ronald Reagan in 1980.
But I suspect you are going to play a joke on us and reveal that somehow it was Obama!
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2nd August 2010, 18:34 #3
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ailor: Bob Hope
May the forza be with you
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2nd August 2010, 21:19 #4
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Originally Posted by edv
http://online.wsj.com/article/SB1000...googlenews_wsj
It fits in nicely with a News Corporation newspaper who regularly publish heavily right leaning articles.
It should be noted though that Arthur Laffer was part of Reagan's "Economic Policy Advisory Board" which among other things created mass inequality among Americans and probably did it's bit to engineer the second biggest crash on economic markets of the 20th Century.
In practical terms, the theory is questionable and in practice doesn't work:
http://www.washingtonpost.com/wp-dyn...-2004Jun8.html
The fiscal shift in the Reagan years was staggering. In January 1981, when Reagan declared the federal budget to be "out of control," the deficit had reached almost $74 billion, the federal debt $930 billion. Within two years, the deficit was $208 billion. The debt by 1988 totaled $2.6 trillion. In those eight years, the United States moved from being the world's largest international creditor to the largest debtor nation.
To some economists, the impact was clear. Interest rates rose in the late 1980s and early 1990s, the economy slowed, then slipped into recession, and productivity barely advanced. Americans feared their nation had slipped into the shadows of Japan and Germany.
Whilst chuck34 may have come across a quote, it's one that might sound nice, but in practice doesn't work.
The cake IS a lie.The Old Republic was a stupidly run organisation which deserved to be taken over. All Hail Palpatine!
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2nd August 2010, 21:53 #5
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Originally Posted by Rollo
Well comrade Rollo your colors are clear....
Your attitude has been noted, comrade.John Vanlandingham
Sleezattle WA, USA
Vive le Prole-le-ralliat
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2nd August 2010, 23:11 #6
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It really doesn't matter which side of the political spectrum you sit, whether being fatally communist (and having no brains) or fatally capitalist (and having no heart), the truth is that no matter what the basic stance of the economy, if you spend more than you collect, you either draw down on savings or start accumulating debt; you even admit so:
Originally Posted by janvanvurpaThe Old Republic was a stupidly run organisation which deserved to be taken over. All Hail Palpatine!
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3rd August 2010, 00:29 #7
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Originally Posted by Rollo
All they have to do is sit and do nothing and let the magic of compound interest just ratchet up the bill and their profits....John Vanlandingham
Sleezattle WA, USA
Vive le Prole-le-ralliat
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3rd August 2010, 12:29 #8
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Originally Posted by Rollo
Originally Posted by Rollo
When the President doesn't exclusively control the purse strings, sometimes you'll have a Congress that spends too much. But that doesn't mean that Laffer's theory is invalid. Laffer NEVER said that we should cut taxes and then spend MORE than ever. No! His theory (proven by the tax cuts of the '60's, 80's, and 00's) is that if you cut taxes, to a point, you will bring more money into the government. The fact that the Congress then went on to spend more than even those increased revenues, does nothing to disprove his theory.
Originally Posted by Rollo
Originally Posted by RolloThe overall technical objective in racing is the achievement of a vehicle configuration, acceptable within the practical interpretation of the rules, which can traverse a given course in a minimum time. -Milliken
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3rd August 2010, 12:32 #9
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Originally Posted by janvanvurpaThe overall technical objective in racing is the achievement of a vehicle configuration, acceptable within the practical interpretation of the rules, which can traverse a given course in a minimum time. -Milliken
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3rd August 2010, 12:34 #10
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Originally Posted by RolloThe overall technical objective in racing is the achievement of a vehicle configuration, acceptable within the practical interpretation of the rules, which can traverse a given course in a minimum time. -Milliken
That crash; though not his fault may be defining of his future. Williams needed him to finish that race for their marketing campaign in the US. His crashing in his home race was bad for business. I...
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